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House buying “steady” after Brexit

26 September 2016

 



  • New data reveals that there has been a slight rise in home purchases since last August.
  • Uncertainty surrounding the Brexit vote failed to hit house buying in the UK
  • House prices are still set to rise in the coming months

 

According to new research conducted by HM Revenue and Customs, there has been a rise in the amount of people purchasing homes in the UK since Brexit. A total of 109,630 properties were bought over August last month. These figures suggest a slight rise compared to the number of house purchases last year.

This research hence counteracts Nationwide’s concerns that the number of mortgage approvals will be weaker due to the leave vote.  This is because although there has admittedly been a slowdown in mortgages post-vote, home purchases are at their highest since last year.

The Royal Institution of Chartered Surveyors (Rics) stated that the UK housing market had “settled down” straight after Brexit to help provide stability in a time of uncertainty.

Jeremy Duncombe, director of the Legal and General Mortgage Club, said that the lack of properties being built and on the market was the most significant factor for the “settling down” of the market.

Nevertheless others like property developer, Gary McCausland, took to twitter stating that it is the “3% stamp duty on second homes that is unfair & causing real issues”.

RICS added that they expect house sales & prices to rise in the next coming months.

If you are looking to purchase a home whilst the housing market has been declared as steady, visit our website to find the best estate agent near you www.agent-tracker.co.uk.

 

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